Any Mathmeticians !?

HelenR_3

a balance of £5035.00 at 6.9% p/a , is that a minimum payment of £100

any help appreciated

H
x

Save4ArainyDay

I think you will find that the £100 is the minimum accepted i.e. 2% of the balance
2% of £5035 = £100.70

grumbler

Monthly interest (1+0.069)^(1/12)-1=0.558%
£5035*0.00558=£29.
Minimum payment must be more than monthly interest and varies for different cards.

HelenR_3

grumbler wrote:

Monthly interest (1+0.069)^(1/12)-1=0.558%
£5035*0.00558=£29.
Minimum payment must be more than monthly interest and varies for different cards.

hello



i have transfeered 3 debts on to it , all in one statement moneth , £2450 marbles , £980 argos (via a marbles cheque) £1000 egg and £580 halifax

and paid one £49 fee i think for the privelage , so is it correct , should it be £100 for a barclaycard , platinum at 6.9% (theres no purchases on it , that says 18.9% !! even though i got stuff through the post asking me to start using my card again because of a rate of 15.9 and the BT of 6.9 :-( )


H
x

Milarky

Helen,

Barclaycard charge 2% of the statement balance - rounded down to the whole pound [You can pay extra if you want, of course, and at 6.9% should be encouraged to]. For £5035 that is £100 exactly.

HelenR_3

Milarky wrote:

Helen,

Barclaycard charge 2% of the statement balance - rounded down to the whole pound [You can pay extra if you want, of course, and at 6.9% should be encouraged to]. For £5035 that is £100 exactly.

thanks


so my minimum payment says dead on a hundred does that include the 6.9 % ?

sorry to be a bit dim but i am greatfull people here can help


H
x


p.s i will pay more than the minimum maybe not much more but say £120 every month..

grumbler

HelenR wrote:

... a hundred does that include the 6.9 % ?...

Minimum payment includes monthly interest. First minimum payment is £100 that includes about £29 interest and about £71 of repayment. Next minimum payment will be a little smaller because balance gets smaller as result of repayment.

grumbler

Just some warning:

If you pay minimum amount (decreasing) every month it will take more than 20 years to clear the debt and will cost about £2K in interest :eek: .

With constant £120 payments it will take about 4 years and will cost about £700.

HelenR_3

grumbler wrote:

Just some warning:

If you pay minimum amount (decreasing) every month it will take more than 20 years to clear the debt and will cost about £2K in interest :eek: .

With constant £120 payments it will take about 4 years and will cost about £700.

:eek: :eek: :eek: